Nationwide Building Society is reminding Britons how they could get a free £200 in their pockets thanks to the financial institution’s latest deal.
The country’s most popular building society is among the many high-street financial institutions offering free money and an incentive to get existing customers to switch to one of their accounts.
In a message to savers, Nationwide said: “As a building society, we put our members first. Which is why we have a member-exclusive current account offer.
“All you need to do is switch your main account to us online and we’ll credit your account with £200.”
The building society is encouraging users to use the Current Account Switch as its the easiest way for people to make the transition from one bank’s account to another.
Savers can switch to either Nationwide’s FlexPlus, FlexAccount or FlexDirect account to access the free £200 but it should be noted that this deal will likely only be available for a limited time
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The building society added: “The process is straightforward and you can switch in just seven days. You choose the date you switch, which must be completed within 28 days of you requesting it.
“We take care of moving your balance and payments, but you do need at least two active direct debits.
“Make sure you tick the box to close the account with your existing provider and you are all done.
“You could receive the £200 within 10 days of the full switch being completed, and it will be paid into the account you switch to.”
Over the past year, many high street banks and building societies withdrew free cash account switch incentives from the market.
However, in recent months, many financial institutions have relaunched these deals as banks wait for the Bank of England to cut interest rates.
Aside from Nationwide, among the other banks offering these deals include Lloyds, Santander and first direct.
As well as a free month, banks and building societies in the UK are continuing to provide high interest rates due to the base rate being held at 5.25 per cent.
Last month, TotallyMoney’s CEO Alastair Douglas urged savers to make sure they were getting the most favourable deal with their bank as possible.
He said: “Double check your rate and make sure your money’s working for you.
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Banks and building societies are offering cash incentives to entice new customers
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“Loyalty doesn’t pay, and if your bank isn’t paying you, then they’re making money from you.
“Don’t be worried about moving your balance to a smaller bank either, as long as they’re registered with the Financial Services Compensation Scheme, £85,000 of your money should be covered.
“If you’re struggling to save, then consider downloading a personal finance app which can let you connect an account via open banking.
“It should give you better insights into your finances, so you can avoid missing payments, dipping into your overdraft, or impacting your credit score. That way you can cut back on costly mistakes, and start moving forward.”